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Nov 30, 2012
11/12
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we can produce a similar amount of revenue reforming the tax code to close loop holes and lower tax rates. that is far better for the economy than the american people actually favor that approach by two to one. they favor even more when we can also show them that real spending cuts will in fact reduce the deficit. now, there have been many conversations of years that cou inform a solution. i hope the president will draw from those discussions and work with both parties to find common ground. solving the fiscal cliff in a manner that addresses the true drivers of our debt and saves american jobs will be a great way for the president to start his second term. for the good of our country and my colleagues, we're ready to work with the president to achieve those goals. >> on the issue of tax rates, are you willing to accept no deal that includes some increase in those top tax rates? i'm also wondering, what the final deadline is? when do you really have to have a deal or framework? >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the am
we can produce a similar amount of revenue reforming the tax code to close loop holes and lower tax rates. that is far better for the economy than the american people actually favor that approach by two to one. they favor even more when we can also show them that real spending cuts will in fact reduce the deficit. now, there have been many conversations of years that cou inform a solution. i hope the president will draw from those discussions and work with both parties to find common ground....
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Nov 30, 2012
11/12
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i'm not for tax hikes. if you buy into the president's story and over half of the country did, i think his actions are not very courageous in my opinion my opinion. i urge him and all of those big business leaders that back the president to call him right now. call treasury secretary geithner right now and say, make our dividend tax cuts retroactive because we just sinned but we really feel sorry for it. back to you. >> it is possible that senegal has views on taxes that conform with this move. maybe his views leading him to democrat support have to do with education or the supreme court or gun control or foreign policy. not everybody is a single issue voter. >> no. not everybody is and, you know, give him the benefit of the doubt. let's give him the benefit of the doubt. take a step back. the issue is whether it's warren buffet worth 50 million pointing down at us and saying, hum. maybe the threshold should be 500,000 instead of 250,000. i don't know about you. but when i see the automatic pilot, and thank
i'm not for tax hikes. if you buy into the president's story and over half of the country did, i think his actions are not very courageous in my opinion my opinion. i urge him and all of those big business leaders that back the president to call him right now. call treasury secretary geithner right now and say, make our dividend tax cuts retroactive because we just sinned but we really feel sorry for it. back to you. >> it is possible that senegal has views on taxes that conform with this...
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Dec 4, 2012
12/12
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KQED
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you can rest assured that they're going to be tax increases, tax-rate increases for the top 2%. you're probably going to see more in the form of health care entitlement cuts. >> ifill: you're thinking, however, that whatever compromise they come up with will be some distance from what you proposed more than a year ago? >> actually, it was more than a year ago. it was more than two years ago. times change. elections happen. there are consequences to those elections. yes, i think you'll see a different product come out. but i think the key is you're going to see a balanced approach with both revenue and spending cuts. you're going to see at least $4 trillion because that is the minimum amount you have to reduce the deficit in order to stabilize the debt and get it on a downward path as a percent of g.d.p. >> ifill: you said a moment ago that this is theater. these are both like opening bids that either side is going to reject. how do we get past that? how do they get past that if, in fact, the catastrophe everyone is warning about is to be avoided. >> if they got to agreement the
you can rest assured that they're going to be tax increases, tax-rate increases for the top 2%. you're probably going to see more in the form of health care entitlement cuts. >> ifill: you're thinking, however, that whatever compromise they come up with will be some distance from what you proposed more than a year ago? >> actually, it was more than a year ago. it was more than two years ago. times change. elections happen. there are consequences to those elections. yes, i think...
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i don't want to see tax rates go up. again, i'm not sitting in the white house, and i'm not sitting in the senate. i'll do everything i can to make sure it doesn't happen. dennis: i'll take that as a no. are the democrats truly willing to let us go over the cliff if the republicans refuse to raise rates on the rich? >> i think there's a constituency on both sides, republican and democrat, that would be willing to see that happen for ideological as well as political reasons. i think we both hope that that does not happen, and i think what he said is correct. the republicans did put forward a plan. it's a reasonable plan, but, look, i got news for you. this is a negotiation. they are not going to get everything they want, the democrats not everything they want. just having a plan on the table and criticizing the other side and walking away doesn't help anybody. dennis: it doesn't. how much of what we watch are just postturing posturing and knowing secretly you'll reach a settlement? >> we understand how important it is tha
i don't want to see tax rates go up. again, i'm not sitting in the white house, and i'm not sitting in the senate. i'll do everything i can to make sure it doesn't happen. dennis: i'll take that as a no. are the democrats truly willing to let us go over the cliff if the republicans refuse to raise rates on the rich? >> i think there's a constituency on both sides, republican and democrat, that would be willing to see that happen for ideological as well as political reasons. i think we...
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Dec 7, 2012
12/12
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i am a flat tax guy. what i don't get is why the united states wants to imitate the mistakes of western europe, jim pethokoukis. that's what i don't get. you get the last word. >> i think it's stunning and i hope we learn from yoour mistak as quickly as they did in great britain. >>> who needs to wait for a recession? our next guest says we may already be in one and it started way back in july. think about that. recession last july. stay with us. he'll defend his position. r ] when this hotel added aflac to provide a better benefits package... oahhh! [ male announcer ] it made a big splash with the employees. [ duck yelling ] [ male announcer ] find out more at... [ duck ] aflac! [ male announcer ] ...forbusiness.com. ♪ ha ha! it's easy to follow the progress you're making toward all your financial goals. a quick glance, and you can see if you're on track. when the conversation turns to knowing where you stand, turn to us. wells fargo advisors. >>> we've got some more breaking news for you. the michigan
i am a flat tax guy. what i don't get is why the united states wants to imitate the mistakes of western europe, jim pethokoukis. that's what i don't get. you get the last word. >> i think it's stunning and i hope we learn from yoour mistak as quickly as they did in great britain. >>> who needs to wait for a recession? our next guest says we may already be in one and it started way back in july. think about that. recession last july. stay with us. he'll defend his position. r ]...
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Dec 1, 2012
12/12
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. >> with 32 days to go, will you be paying higher taxes? my political all-stars weigh in on battleground america. >>> and against all odds, after sandusky, penn state's incredible comeback. my exclusive interview with the coach of the year. >>> and a reunion with a dear old friend whose bark is as bad as her bite. sharon osbourne. her incredible year of highs and lows and how she's rebuilding her life after facing a terrible health prognosis. >> i couldn't see myself going through chemoagain. >> this is "piers morgan tonight." >>> good evening. who ever thinks the american dream is dead or dying should meet mark and cindy hill, a missouri couple who live a very ordinary life. at least that's what they were doing until wednesday and a little thing called power ball came along. sure, the odds were 1 in 175 million, but like everybody else in america, pretty much everyone else, they bought a ticket. wouldn't you know it, they won. sharing the jackpot with another lucky winner. today, the hills are holding a check in their hands for a cool $293
. >> with 32 days to go, will you be paying higher taxes? my political all-stars weigh in on battleground america. >>> and against all odds, after sandusky, penn state's incredible comeback. my exclusive interview with the coach of the year. >>> and a reunion with a dear old friend whose bark is as bad as her bite. sharon osbourne. her incredible year of highs and lows and how she's rebuilding her life after facing a terrible health prognosis. >> i couldn't see...
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Dec 4, 2012
12/12
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it seems each tax figured on the gross pay after the first one becomes a tax on a tax. guest: you are right that social security taxes are applied based on the total amount of income in terms of your wage income or paycheck. i did not totally understand the second part of the question, but i would say it serves a security payroll taxes are important. they are regressive. they are a flat tax on wages. the other problem with social security taxes is other areas are not subject to social security taxes. income from investments are not subject to that. it used to be 90% of one's income was taxed by social security or hit by the payroll tax. now we're looking at 85%. it will go down to 80%. that is problematic for some security. we looked at how you can make sure more income is hit by social security. it makes things more progressive because it tends to hit people at the higher end rather than the lower end. host: does simpson-bowles eliminate drug pricing? guest: it does not specifically. there have been some changes so that the doughnut hole idea is supposed to go away, bu
it seems each tax figured on the gross pay after the first one becomes a tax on a tax. guest: you are right that social security taxes are applied based on the total amount of income in terms of your wage income or paycheck. i did not totally understand the second part of the question, but i would say it serves a security payroll taxes are important. they are regressive. they are a flat tax on wages. the other problem with social security taxes is other areas are not subject to social security...
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Dec 7, 2012
12/12
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WBAL
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>> the tax code says sell apple. if you own it in a taxable account, i feel you've been given a fantastic opportunity to pay a lower tax rate on your profits than you will in a few weeks time. given that i think many people own apple in their taxable or "mad money" accounts, it might be uniquely in the cross hairs of the fiscal cliff. you combine the greatest capital gains generator out there of all time with a change of tax code of uncertain proportions, it's almost impossible to justify not selling. those people then impact the chart and the chartists signal code red which causes the institutions to worry that, perhaps, the stock can bring down the performance, which brings in still more selling. >> sell, sell, sell! >> it's a vicious cycle down. it makes a ton of sense. let's talk about what can happen here. year end, 2013, it will be too late to sell to get the tax break. we'll find out, i believe, that apple's ipad sales are through the roof, including the mini, the iphone will have bigger sales than we thought
>> the tax code says sell apple. if you own it in a taxable account, i feel you've been given a fantastic opportunity to pay a lower tax rate on your profits than you will in a few weeks time. given that i think many people own apple in their taxable or "mad money" accounts, it might be uniquely in the cross hairs of the fiscal cliff. you combine the greatest capital gains generator out there of all time with a change of tax code of uncertain proportions, it's almost impossible...
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Dec 6, 2012
12/12
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i want to be paying more taxes. i want our taxes to go to serve the policies of the country, education, charity, health care. i think that president obama's right about this. but i think compromise is going to be necessary to achieve some result. >> let me bring in abbe. your father is known as a moderate republican and a good dealmaker, a man who used to negotiate. what do you make of this? and what does he make of this? >> i think morale is so low right now. the country's so divided. especially for my generation. we're the ones that are going to be handed down the $60 trillion deficit. they will come to a deal. but right now, it's political theater. and it's probably going to look like the simpson-bowles. that will come full-circle again. >> here's a problem the republicans have got themselves into. is obama has been very clever here, the president. i think what he's done is skillfully said to the public, if he goes over the fiscal cliff, the republicans are prepared to make the entire middle class to pay more tax
i want to be paying more taxes. i want our taxes to go to serve the policies of the country, education, charity, health care. i think that president obama's right about this. but i think compromise is going to be necessary to achieve some result. >> let me bring in abbe. your father is known as a moderate republican and a good dealmaker, a man who used to negotiate. what do you make of this? and what does he make of this? >> i think morale is so low right now. the country's so...
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the tax man is coming and he wants to tax everything. there's a long list of everything where the left wants to raise the tax take as of now, monday morning, centers on tax hikes, not spending cuts and certainly not entitlement reform. first to secretary geithner to him and the president, it's all about pushing the republicans to accept tax hikes. >> you know, i can't promise that. that's a decision that lies in the hands of republicans that are now opposing increase in tax rates. if they recognize the reality that we can't afford to extend those tax rates then we have the basis for an agreement for the american people. stuart: other voices on the left are chiming in with tax suggestions and ralph nader says he wants a tax on every single financial transaction including stock trades and he calls it a speculation tax. an editorial in the washington post today calls for an end or at least limits on the deductible for charitable deductions. overwhelmingly the deduction benefits of the wealthy and the rest of the country has to make up the g
the tax man is coming and he wants to tax everything. there's a long list of everything where the left wants to raise the tax take as of now, monday morning, centers on tax hikes, not spending cuts and certainly not entitlement reform. first to secretary geithner to him and the president, it's all about pushing the republicans to accept tax hikes. >> you know, i can't promise that. that's a decision that lies in the hands of republicans that are now opposing increase in tax rates. if they...
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Nov 30, 2012
11/12
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the president has been clear and we support him on holding firm to the 250 tax cuts, expiration of tax cuts for people making over $250,000 a year. that would be part of a big package that has big can cuts. we've already voted for over a trillion dollars in cuts. revenue is needed and job creation is essential to reduce the deficit. we believe if you want to reduce the deficit grow the economy. it's all together. that is attested by every bipartisan task force, commission, you name it that has come together. you can't get here from here in terms of deficit reduction and fiscal soundness without having revenues be on the table. i'd like to yield to the assistant leader for his comments. >> thank you. i think that this meeting was very very fruitful. it simply remind us once again of exactly why we are here. but i don't know -- but i would add to what the leader has said the time for posturing is over which we are in the holiday season when people will love to turn to their families with some certainty and i think we ought to give them that. and it's very easy to do. the president has la
the president has been clear and we support him on holding firm to the 250 tax cuts, expiration of tax cuts for people making over $250,000 a year. that would be part of a big package that has big can cuts. we've already voted for over a trillion dollars in cuts. revenue is needed and job creation is essential to reduce the deficit. we believe if you want to reduce the deficit grow the economy. it's all together. that is attested by every bipartisan task force, commission, you name it that has...
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Nov 30, 2012
11/12
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lot of these companies that should be returning cash to share holders and that is irrespective on the tax laws on dividends. if you think there is potential they will change they should be doing it now. >> scott has a web extra on how to spot dividends. >>> time for the upside call where we take a look back on winning trades and give you the next move. when apple shares were in free fall mike made a bullish trade. >> on "options action" it is how we make genius trades. risk less to make more and that is what mike did with his bet on apple. mike was on the fence about going long the tech giant before his personal hero came on the show. >> i do think the action this morning was classic short term bottom. . >> there was a problem. back over $50,000. ould set him so to avoid ponying up that kind of cash mike sold the december strike put and collected $21. to keep all of that money mike needs the stock to stay above that price through december expiration. of course, there is a tradeoff. by selling that put mike is obligated to buy apple stock at that put strike price or for $520 even if it fal
lot of these companies that should be returning cash to share holders and that is irrespective on the tax laws on dividends. if you think there is potential they will change they should be doing it now. >> scott has a web extra on how to spot dividends. >>> time for the upside call where we take a look back on winning trades and give you the next move. when apple shares were in free fall mike made a bullish trade. >> on "options action" it is how we make genius...
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Dec 4, 2012
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taxes? guest: i don't think so. i think keeping tax rate with a r is the real question. you can increase revenue without increasing tax rates. honestly, just a more efficient system redistributing investments toward things that generate economic growth. that is something that paul ryan has been a leading advocate of. yeah, i think this is a really smart and good proposal by the speaker, and i was very pleased to see every republican sign off on it. it was not just his name. i hope the white house understands there is unity at the republican leadership table. host: here is a copy of the letter sent to the white house with the signatures of the leadership team including paul ryan. a lot of our callers have talked about the lack of details in this proposal then back which loopholes or deductions do you get rid of? guest: there is an interesting debate and discussion on that. that is for the negotiators. the easiest way to do it would be to cap the dollar amount and let the individual pick and c
taxes? guest: i don't think so. i think keeping tax rate with a r is the real question. you can increase revenue without increasing tax rates. honestly, just a more efficient system redistributing investments toward things that generate economic growth. that is something that paul ryan has been a leading advocate of. yeah, i think this is a really smart and good proposal by the speaker, and i was very pleased to see every republican sign off on it. it was not just his name. i hope the white...
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Dec 7, 2012
12/12
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we talk about the state capital which was tax -- 74% tax exempt. a lot of it was a result of the state taking over a large percentage of our city. a lot of it was non for profits. i have had a good working relationship with people in the state governments. it is good to have them close. i can see what they're doing and to buy and put and see what i can do for the people of the city. [captions copyright national cable satellite corp. 2012] [captioning performed by national captioning institute] host: we turn our attention to unemployment insurance and how it can be impacted. joining us for the discussion is josh . caller: it is a combination of a federal and state program. it usually lasts -- it can be extended up to 93 weeks. it is the extension be on the six month time frame we're talking about as part of the fiscal cliff tops. host: that is what might be caught -- cut? guest: that is what automatically expires. president obama has said as part of the deal i want to make, the benefits should continue. republicans have not taken a firm stand. we ha
we talk about the state capital which was tax -- 74% tax exempt. a lot of it was a result of the state taking over a large percentage of our city. a lot of it was non for profits. i have had a good working relationship with people in the state governments. it is good to have them close. i can see what they're doing and to buy and put and see what i can do for the people of the city. [captions copyright national cable satellite corp. 2012] [captioning performed by national captioning institute]...
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mostly tax increases, $1.6 trillion in tax increases, you know, double what he wanted during the campaign, he's calling for some budget cuts, but they're very unspecified, so most people don't believe they'll happen. if lew gets to preserve some of that in a deal with republicans, you know, he's golden. most people don't think they'll get all of that, but there's flies in the ointment we should point out. larry fink is often set to be on the periphery, major democratic supporter of president obama during his first term. he's said to be kind of like on a short list. we should point out that larry hasn't been called yet. the president seems to be siding with lew. things could change. fiscal cliff could be a big thing. lori: tell us more about the character of jack lew. we foe he's -- we know he's a tough negotiator -- >> he's the chief of staff right now. um, you know, he spent some time at citigroup, i know that. he's considered -- he was brought in to citigroup by, i believe, bob rubin, spent time in the clinton administration. people describe him as a pretty partisan guy. he's much more
mostly tax increases, $1.6 trillion in tax increases, you know, double what he wanted during the campaign, he's calling for some budget cuts, but they're very unspecified, so most people don't believe they'll happen. if lew gets to preserve some of that in a deal with republicans, you know, he's golden. most people don't think they'll get all of that, but there's flies in the ointment we should point out. larry fink is often set to be on the periphery, major democratic supporter of president...
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Nov 30, 2012
11/12
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CNBC
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income taxes, that we haven't paid more attention to property, state, local, and sales taxes? >> one big reason is this data doesn't exist. we created a model so that we could simulate the way that this tax burden is distributed. there's go government entity that looks at the burden of taxation. there is no centralized data. so people really miss this point. they don't appreciate the extent to which state and local taxes are interacting with federal taxes and really consuming the savings that people otherwise might be getting. it's just a new way of looking at it. >> and there's something that i guess is being called housers law where the idea being no matter where tax rates are, tax revenues as a percentage of gdp are going to remain constant or relatively constant over time. have you been getting pushed back to your story about that concept conce concept? >> well, it's important to understand that's true. whether or not it's a law is another question. it's absolutely true that they've remained pretty stable. the point here is the distribution has changed. relatively speaking
income taxes, that we haven't paid more attention to property, state, local, and sales taxes? >> one big reason is this data doesn't exist. we created a model so that we could simulate the way that this tax burden is distributed. there's go government entity that looks at the burden of taxation. there is no centralized data. so people really miss this point. they don't appreciate the extent to which state and local taxes are interacting with federal taxes and really consuming the savings...
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Dec 4, 2012
12/12
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sperling said, they reduce to the payroll tax last year, in 2011, amounting to $108 billion. it's not by accident of the price of fuel went up and consumed our disposable income in this country. -- about $100 billion of our disposable income. as you can see, the light blue bar, the only way to solve this problem is not to get divorced from the global economy, as canada and norway has showed some it would not make a difference anyway. we need to diversify transportation so that it is not as dependent upon petroleum as is currently the case and this redline on page 9, probably the most important of all, the amount of oil that we can assume per $1,000 of g.d.p. if we can diversify into compressed natural gas and come up with a viable electrification and of trucks and vehicles, those are profound developments which were not possible until very recently. the report that we have here house all three of those things, the maximization of oil. it into saudi arabia levels mean we produce 11 million barrels. not 18.7 million barrels. which is what we are currently consuming. at the same
sperling said, they reduce to the payroll tax last year, in 2011, amounting to $108 billion. it's not by accident of the price of fuel went up and consumed our disposable income in this country. -- about $100 billion of our disposable income. as you can see, the light blue bar, the only way to solve this problem is not to get divorced from the global economy, as canada and norway has showed some it would not make a difference anyway. we need to diversify transportation so that it is not as...
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Dec 6, 2012
12/12
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pays a lot of money in payroll taxes and sales taxes and state and local taxes and property taxes. it adds up even if they're not paying income tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being the expiration of the bush tax cuts at the end of this year. to some extent, now they're getting to the real deadline and it is more serious. host: have you written one of the, if we go over the cliff, this is what happens-type article? guest: yes. people would probably start feeling it in their paychecks pretty quickly. never mind what it means to the broader economy. it will hit. it will hurt a lot of people. if we did not change the law and it went one month, two months, three months, it could lead to another recession because there be such a sharp drop in people's incomes and it would be s
pays a lot of money in payroll taxes and sales taxes and state and local taxes and property taxes. it adds up even if they're not paying income tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being...
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tax increases coming next year. we've got two avoidance measures in the news, item one. 200 companies or more will pay dividends this year and that avoids the higher dividend tax next year. two, charities are seeing big increases in contributions now in case the deductions is limited next year. and joining us from the research group, we haven't seen greg since the election. >> i think once, you were out that day, but great to see you stuart. how have you been? >> i'm recovering from the election. >> glad to hear it. what i'm seeing with the dividends, charitable contributions speeding up. people are trying to avoid the tax increases they know are going to hit them next year, the rich avoiding the tax on the rich policy, isn't it? >> well, who can blame them, right? this is a classic example of unintended consequences, when you start talking about raising taxes, people take action to reduce their liability. that's human nature, that's common sense. on this, on the stories you cite, stuart. two quick comments, number
tax increases coming next year. we've got two avoidance measures in the news, item one. 200 companies or more will pay dividends this year and that avoids the higher dividend tax next year. two, charities are seeing big increases in contributions now in case the deductions is limited next year. and joining us from the research group, we haven't seen greg since the election. >> i think once, you were out that day, but great to see you stuart. how have you been? >> i'm recovering from...
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Dec 4, 2012
12/12
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see the deduction for state income taxes being a tax expendture. when i paid tax to the district of columbia, that is the cost, my cost, of earning that income, and it should be deductible i believe in computing me federal tax income little. it's not deductible. >> host: diane in new hampshire, go ahead. >> guest: good morning. >> host: morning. >> caller: fascinated to hear about the tax. it kills me every year. i'm a small business owner, and my income changes year to year. i can make $80,000 one year, and i can make $60,000 the next, and the next 45. i cannot process what the amt will be. looking at the last return here, made $60,000 and had an amt of $1700, a piggy back. talk about this because i don't consider making $80,000 as a single person and paying 13% of the social security out of and all my other cuts to be a lot of money. >> guest: no, i don't disagree with you at all. the amt is not what you would have designed as a tax -- a way to compute your federal income tax. it is the combination of a reform that was end acted after the need fo
see the deduction for state income taxes being a tax expendture. when i paid tax to the district of columbia, that is the cost, my cost, of earning that income, and it should be deductible i believe in computing me federal tax income little. it's not deductible. >> host: diane in new hampshire, go ahead. >> guest: good morning. >> host: morning. >> caller: fascinated to hear about the tax. it kills me every year. i'm a small business owner, and my income changes year to...
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Dec 3, 2012
12/12
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and tax increases. >> yeah. speaking of which, bob, at least over the weekend, it looks like the white house has moved their piece, and they are not going to move again until the republicans table something. how do you see these things going down? we've got three weeks to play with here before everybody really does leave for the holidays. are you optimistic? >> i'm optimistic by nature. and i have a feeling that when the economic future of the country is at stake or at least the near-term economic future of the country, people are going to rise above and do the right thing. and i think the republicans, frankly, are going to have to accept some tax increases. the wealthy are going to have to accept some tax increases, even if only temporary. but on the other side, there's got to be massive spending cuts and entitlement programs, because you can't have the -- a minor revenue increase without a decrease in spending. and then again, my favorite solution would be a temporary national sales tax, and a federal fuel tax
and tax increases. >> yeah. speaking of which, bob, at least over the weekend, it looks like the white house has moved their piece, and they are not going to move again until the republicans table something. how do you see these things going down? we've got three weeks to play with here before everybody really does leave for the holidays. are you optimistic? >> i'm optimistic by nature. and i have a feeling that when the economic future of the country is at stake or at least the...
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Dec 6, 2012
12/12
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i know you favor a consumption tax. how would it work, why is it better than an income tax? very interesting. >> what we want to do is have a tax code that's miles and miles wide and a half-inch deep, one that everybody participate in, one that is based on how much you spend, not how much that you're saving, and one that captures all the underground economy and closes up those loopholes. i'm outraged when i hear one of my business friends say, hey, i didn't pay any taxes last year because i was able to take advantage of whatever part of the tax code that his lawyer and accountant found out about. that's not good. we need everybody participating. that's why we say, simplify the tax code, get rid of these loopholes. >> congressman kingston, thank you very much. >>> apple and zynga among the big nasdaq movers today. we'll tell you which other big movers, winners and losers you need to know about. coming back in two minutes. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out.
i know you favor a consumption tax. how would it work, why is it better than an income tax? very interesting. >> what we want to do is have a tax code that's miles and miles wide and a half-inch deep, one that everybody participate in, one that is based on how much you spend, not how much that you're saving, and one that captures all the underground economy and closes up those loopholes. i'm outraged when i hear one of my business friends say, hey, i didn't pay any taxes last year because...
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Nov 30, 2012
11/12
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FBC
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that goes down as tax rate marginal tax rates go up. that is the big issue. dennis: if my marginal tax rate stays the same but i can't hire tax bill because they kept my deductions aren't i still going to not bought a welding torch i was going to buy? >> that may be. you made me pick one out of three. dennis: the thing we are worried about, there are things you say they can do. they should wait on spending but tell us about changing their tax filing status. >> one of those things we are going to see is a big difference between the personal marginal tax rates and the corporate tax rates which allegedly are going to be lower to make as competitive internationally so over the past 37 years we have been collecting data we have seen people switch back and forth. it costs money to change your status but the difference between tax rates gets big enough people will do it so we will see people switching from sole proprietorships into corporate status so they can take advantage of lower tax rate. dennis: something like two thirds of balls busines
that goes down as tax rate marginal tax rates go up. that is the big issue. dennis: if my marginal tax rate stays the same but i can't hire tax bill because they kept my deductions aren't i still going to not bought a welding torch i was going to buy? >> that may be. you made me pick one out of three. dennis: the thing we are worried about, there are things you say they can do. they should wait on spending but tell us about changing their tax filing status. >> one of those things we...
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Dec 1, 2012
12/12
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KCSMMHZ
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an officer gets 500 euros a month less before tax. there have been few promotions. discontent among the ranks is growing. some of their leaders are putting a brave face on it. >> of course we have had cuts. but the naval infantry's task is to face difficult missions, so we will manage this situation as well. >> portugal's military has long been an important part of the country's history. on april 25, 1974, this song was played on the radio. it was the signal for the army to occupy lisbon, and the largely peaceful uprising marked the end of nearly 15 years of dictatorship. in all their joy, portuguese people pressed red carnations into the hands of soldiers. this lieutenant colonel played an active role in the carnation revolution. today, he is chairman of the 25 of april association, a group that aims to defend the legacy of the peaceful coup of 1974. he says the military brought democracy to portugal then, but the crisis has put it all in jeopardy. >> i regret what is currently happening. we have achieved a fair society, and now that is being destroyed. we are reve
an officer gets 500 euros a month less before tax. there have been few promotions. discontent among the ranks is growing. some of their leaders are putting a brave face on it. >> of course we have had cuts. but the naval infantry's task is to face difficult missions, so we will manage this situation as well. >> portugal's military has long been an important part of the country's history. on april 25, 1974, this song was played on the radio. it was the signal for the army to occupy...
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Dec 4, 2012
12/12
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new hampshire has no income tax, no sales tax. every state around new hampshire, the other new england states have one or the other going into the 1960's, 1970. every state around us added another one. they either added the sales tax or the income tax. with the representation to their people that the other tax would come down and revenue would be effectively used because it would be more effectively collected, especially if they used the sales tax. every one of those state, the revenues haven't gone down, they've gone up dramatically and the income tax has gone up. and the sales tax has gone up and the size of the government has gone up. so from my standpoint, a val added tax is just a way to grossly expand the size of the government. and it does not fix our revenue problems. more importantly than that, just put, where i think this argument ends up, the american people would annihilate any party that taxed -- that cast a national sales tack. the democrat party thinks they're in charge now, and they are. the republican party has do
new hampshire has no income tax, no sales tax. every state around new hampshire, the other new england states have one or the other going into the 1960's, 1970. every state around us added another one. they either added the sales tax or the income tax. with the representation to their people that the other tax would come down and revenue would be effectively used because it would be more effectively collected, especially if they used the sales tax. every one of those state, the revenues haven't...
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Dec 6, 2012
12/12
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MSNBCW
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tax cuts. are they willing to limit unemployment insurance, give up infrastructure spending, which is something the president has been talking about from the beginning, payroll tax cut. what's the white house plan here? >> well, alan simpson in addition to being an excellent dancer is a very shrewd political analyst. >> very hip, alan simpson. >> very, very, very good dancer recently. but, look, i think people talk in terms of political advantage and clearly the president is going to gain more political advantage from going off the cliff than the republicans are going to. that's where the polls are showing. that's clearly where there is going. that doesn't mean it's a good idea for the country or economically. the country is are they looking at their own political interests or do they actually want to make sure the economy stays out of recession here. this is a very dangerous game that we're playing with over the next four weeks. >> i want to bring in congressman tom price, a republican from ge
tax cuts. are they willing to limit unemployment insurance, give up infrastructure spending, which is something the president has been talking about from the beginning, payroll tax cut. what's the white house plan here? >> well, alan simpson in addition to being an excellent dancer is a very shrewd political analyst. >> very hip, alan simpson. >> very, very, very good dancer recently. but, look, i think people talk in terms of political advantage and clearly the president is...
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Dec 6, 2012
12/12
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there is no net rising taxes today. any taxes increased are offset by taxes. mr. speaker, in last year's autumn statement, we maintained the same piece for consolidation beyond the current spending in 2015 and 2016 and 2017. in this year's autumn statement, we extended the consolidation program for the year is 2017. the opr project as that as a result, the share of national income spent by the state will fall from almost 40% of gdp in 2009 and 2010, to 39.9% 52018. the document shows total management expenditure will continue to fall and will now people are willing to go and 2018 and if it had been held flat in real time. no decisions to cut this is ever easy. those who said we would have higher taxes or higher borrowing or both. i also provide further details of the consolidation plans for 2015 and 2016, last year at this parliament. as the two years ago that the correct balance for the fiscal consolidation between spending and tax should be 80-20. i can announce that we will almost be exactly able to deliver on that mix. total spending will fall in the final yea
there is no net rising taxes today. any taxes increased are offset by taxes. mr. speaker, in last year's autumn statement, we maintained the same piece for consolidation beyond the current spending in 2015 and 2016 and 2017. in this year's autumn statement, we extended the consolidation program for the year is 2017. the opr project as that as a result, the share of national income spent by the state will fall from almost 40% of gdp in 2009 and 2010, to 39.9% 52018. the document shows total...
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Nov 29, 2012
11/12
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CSPAN
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then personal income taxes. then taxes on consumption, and taxes on property. most of these find that taxes on consumption -- the closest thing we have on the federal level is the payroll tax -- would have no direct tax on consumption like every other country in the oecd. that is a consumption tax. many economists and they oecd find that those taxes have no relationship with economic growth. it is the taxes it -- it is not the taxes on consumption that hard economic growth. host: this is part of a continuing series on "washington journal" focusing on a fiscal cliff. our conversation has broadened. to bring it back to the payroll tax cut and remind you it was enacted in december of 2010, designed to temporarily boost the economy and reduce the tax to% from 6.2% to 4.2% and increased take-home pay about an average of $1,000 to $1,800 per worker. it expires at the end of the year, rates will revert back to 6.2%. if you make $35,000 or so, that will be an extra $700 in taxes. the $2,000, an extra thousand dollars. 75,000, $1,500. finally, $110,000, the upper limit
then personal income taxes. then taxes on consumption, and taxes on property. most of these find that taxes on consumption -- the closest thing we have on the federal level is the payroll tax -- would have no direct tax on consumption like every other country in the oecd. that is a consumption tax. many economists and they oecd find that those taxes have no relationship with economic growth. it is the taxes it -- it is not the taxes on consumption that hard economic growth. host: this is part...
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Nov 30, 2012
11/12
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CNBC
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who wants to start a business without knowing what the capital gains tax will be, tax code rate. plus the whole office supply industry has been shrinking for awhile, not just office max but office depot and staples as company shifted away from using lots of paper towards digital solutions like apple ipads. meanwhile there's not that much demand for the technological devices some of the companies sell which have become increasingly commoditysed. just witness hideous performance of best buy. despite all these big perceived big picture, office max has been rallying like crazy. stock has run up 122% for year. and it's fallen from 4.26 from the beginning of august to nearly $10. right now where the stock is less than a point off its 52-week high. what the heck, right? five months ago this stock had been left for dead. but now somehow office max has managed to find new life and become a monster good performer. just when you expect the company to be take it on the chin. what the heck is really happening at this company? could it be that perhaps we're simply wrong about the sector? maybe
who wants to start a business without knowing what the capital gains tax will be, tax code rate. plus the whole office supply industry has been shrinking for awhile, not just office max but office depot and staples as company shifted away from using lots of paper towards digital solutions like apple ipads. meanwhile there's not that much demand for the technological devices some of the companies sell which have become increasingly commoditysed. just witness hideous performance of best buy....
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Nov 29, 2012
11/12
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CSPAN2
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tax and spend, not taxes to reduce deficits. taxes to fund new spending. that's why the budget, it puts us on track to have $25 trillion in total debt at the end of ten years, another almost $10 trillion in debt headed to the current debt level. so insofar as i can see, that tax-and-spend policy remains his goal today. the white house isn't planning to raise taxes to reduce the deficit, raise taxes under their plan to expand government. and that's not -- i don't believe congress will accept such a deal if that's what's going on in the secret negotiations. president obama campaigned on tax increases just on the wealthy, just on raising their rates, just only $800 billion in tax increases. but now the white house is demanding $1.6 trillion in tax increases. don't the american people have a right to see where those taxes fall, who this will impact and how much they are? shouldn't the president lay out his plan? the president of the united states, the only person who represents everybody in the country, will that remain a secret? will it just be revealed to us
tax and spend, not taxes to reduce deficits. taxes to fund new spending. that's why the budget, it puts us on track to have $25 trillion in total debt at the end of ten years, another almost $10 trillion in debt headed to the current debt level. so insofar as i can see, that tax-and-spend policy remains his goal today. the white house isn't planning to raise taxes to reduce the deficit, raise taxes under their plan to expand government. and that's not -- i don't believe congress will accept...
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yes, i raise tax rates on the rich or no will not. >> you don't raise tax rates which. stuart: you would love no. and started to push like this. you wouldn't know. >> in not addressing the problem stuart: even though it wishes us over the cliff. >> i would vote no because it does not address the problem. the president is the driver in shea. stuart: i'm sorry. i hate to be like this. i'm being obnoxious i know it, but he would vote no . i will not vote for higher tax rates, even if you knew for absolute certainty that pushes aside with a cleft. >> yes. i would vote no for higher tax rates because our children and grandchildren deserve better. stuart: they agree. >> this is a generational issue. stuart: still obnoxious. we use in any way compromise? for example, would you vote yes on the tax rate increase to 37% on upper income murders to wrap up 39, 37. would you vote yes on that? >> that is not something on the table. we haven't seen is a willingness to address spending, and you have to be able to cut spending. you have to be able to reform the way these entitlement pro
yes, i raise tax rates on the rich or no will not. >> you don't raise tax rates which. stuart: you would love no. and started to push like this. you wouldn't know. >> in not addressing the problem stuart: even though it wishes us over the cliff. >> i would vote no because it does not address the problem. the president is the driver in shea. stuart: i'm sorry. i hate to be like this. i'm being obnoxious i know it, but he would vote no . i will not vote for higher tax rates,...
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Dec 2, 2012
12/12
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CNBC
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apple in particular, that should be returning cash to shareholders and that is irrespective on the tax laws on dividends. although, clearly, if you think there is potential they will change they should be doing it now. >> we should note that scott has a web extra on how to spot dividends. better log on to that. >>> time for the upside call where we take a look back on winning trades and give you the next move. a couple weeks back when apple shares were in free fall, mike khouw made a bullish trade. the call has been pure genius. >> on "options action" it is how we make genius trades. risk less to make more and that is what mike did with his bet on apple. mike was on the fence about going long the tech giant before his personal hero came on the show. >> i do think the action this morning was classic short term bottom. >> wow mike thought. if he's going in on apple, so am i? but there was a problem. buying 100 shares would set him back over $50,000. >> wow! >> so to avoid ponying up that kind of cash mike sold the december strike put and collected $21. to keep all of that money mike need
apple in particular, that should be returning cash to shareholders and that is irrespective on the tax laws on dividends. although, clearly, if you think there is potential they will change they should be doing it now. >> we should note that scott has a web extra on how to spot dividends. better log on to that. >>> time for the upside call where we take a look back on winning trades and give you the next move. a couple weeks back when apple shares were in free fall, mike khouw...
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Dec 3, 2012
12/12
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KTVU
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that allowed them to -- allows them to raise taxes. but leaders say they will avoid doing that considering voters just passed proposition 30. >>> one of the first orders of business for the state assembly will be to honor a bay area boy scout. ryan did all the work for his eagle scout award but the boy scout says he can't have the honor because he is gay. since then he's been a guest on several national television shows where he told his story. today state lawmakers will honor him for speaking out against intolerance. >>> 5:36. let's get everybody moving now. tara is back. there is a problem in berkeley. some sort of debris or something. the car is on the shoulder. just a heads up. let's take a live look at the bay bridge toll plaza. you can see traffic is flowing pretty well. milpitas those taillights no problems to report. 5:37 here is steve. >>> they're a thank you. a very good morning. we have a little rest we can take a look at the whopper rain totals. santa cruz mountains 15. mt. st. helena almost 13. san francisco 3.77. somebody
that allowed them to -- allows them to raise taxes. but leaders say they will avoid doing that considering voters just passed proposition 30. >>> one of the first orders of business for the state assembly will be to honor a bay area boy scout. ryan did all the work for his eagle scout award but the boy scout says he can't have the honor because he is gay. since then he's been a guest on several national television shows where he told his story. today state lawmakers will honor him for...
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went to the home of one middle class family in virginia, saying if the middle class tax cuts expire when the deadline hits it will cost the family an equivalent of a month's rent. meanwhile, john boehner started the talks after a standoff that lasted almost a week. then there was the surprise that rocked the capital today. south carolina conservative, jim demint, a hero to many, is retiring next month. to go run the influential heritage foundation nbc's david gregory, the moderator of "meet the press," has more on the surprise announcement. >> reporter: about four years early, a lot of people thought it would happen by 2017, but not at this point. in his term, demint was somebody who turbo-charged the tea party movement. he told me he would like to see the party really adopt more of these tea party ideas. that really didn't happen. there were more internal fights. he did have success in fielding candidates and also failed. he said they didn't do enough to establish what the party was for. he is going to try to be a force behind the party. now he feels like he can leave the senate, and ch
went to the home of one middle class family in virginia, saying if the middle class tax cuts expire when the deadline hits it will cost the family an equivalent of a month's rent. meanwhile, john boehner started the talks after a standoff that lasted almost a week. then there was the surprise that rocked the capital today. south carolina conservative, jim demint, a hero to many, is retiring next month. to go run the influential heritage foundation nbc's david gregory, the moderator of...
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Dec 3, 2012
12/12
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KRON
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the president must in the bush era tax cut for people making more than $250,000 per year. without a deal the average middle- class family could pay about 200--$2,000 a year more in taxes. house speaker john boehner blanks the spot stalemate on the obama administration. he says they are taken republicans seriously with their plan to close loopholes and deductions without raising taxes. >> we think it would be a wonderful christmas gift for the american people for the middle class a tax cut come january people and we want them to tell the american people why not that they will not do it. we are optimistic. >> the democratic controlled senate has already voted to extend the bush era of cut for incomes that are under $250,000 and led the other is expired. >> moody's analytics predicting there will be a short-term deal reached before the end of the year. we will take a quick break on the kron for morning new we want to go outside and give you a quick look. we will tell you about the power outages i think we have information where you can see the north bay is still dealing with
the president must in the bush era tax cut for people making more than $250,000 per year. without a deal the average middle- class family could pay about 200--$2,000 a year more in taxes. house speaker john boehner blanks the spot stalemate on the obama administration. he says they are taken republicans seriously with their plan to close loopholes and deductions without raising taxes. >> we think it would be a wonderful christmas gift for the american people for the middle class a tax cut...
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Dec 4, 2012
12/12
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CURRENT
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tax cuts for the top 2%. and they are like here is our offer. if you are going to make a deal at least deal something somebody actually wants. >> yeah. >> stephanie: serious plan. they are like they won the election. >> it is totally farfetched and they are like i don't understand why he doesn't want it. >> stephanie: all right. here she is, jacki schechner in the current news. >> good morning. we already know that ashley judd can show a much wider range of emotion that some. she has been taking steps to assess her options when it comes to running for office. she is doing opposition research on herself to see where she might be most vulnerable. mcconnell will be running for his sixth term another option is to run against senator rand powell in 2016. there is a briefings tomorrow on the september 11th attack on our console consoleate attack in benghazi they the talking points were watered down by the cia. it said the notes did contain reference to al-qaeda but the cia took it off. elizabeth warren has won a sp
tax cuts for the top 2%. and they are like here is our offer. if you are going to make a deal at least deal something somebody actually wants. >> yeah. >> stephanie: serious plan. they are like they won the election. >> it is totally farfetched and they are like i don't understand why he doesn't want it. >> stephanie: all right. here she is, jacki schechner in the current news. >> good morning. we already know that ashley judd can show a much wider range of emotion...
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Dec 3, 2012
12/12
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CNBC
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but even then if you want to do tax cuts to stimulate the economy, why are we doing tax krets. that's been on the table forever. >> why do you think we're not? >> i honesti honestly don't kno. investment trax credits are things we have precedent for in the uk and other countries. they're business friendly. if you want to be business friendly, which most of us do, they're inherently temporary because you're trying to get people to move forward. >> it is strange when david cameron spoke last week, saying we're putting growth in every ministry, there is going to be a growth agenda. so all this talk, but not followed up. >> doesn't seem to be a company hair rent strategy at all. and i can't pretend to know what internal negotiations lead to that but a little bit of broadband hear and get off wealth incentive there is is not growth strategy. growth strategy is recognizing the uk has had an enormous shortfall of investment are and it existed even in the boom years. and has gotten worse since 2008. the financial system is a major part of it. and so you have to think about what it is t
but even then if you want to do tax cuts to stimulate the economy, why are we doing tax krets. that's been on the table forever. >> why do you think we're not? >> i honesti honestly don't kno. investment trax credits are things we have precedent for in the uk and other countries. they're business friendly. if you want to be business friendly, which most of us do, they're inherently temporary because you're trying to get people to move forward. >> it is strange when david...
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Dec 4, 2012
12/12
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FOXNEWSW
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taxed. the basic understanding night can taxpayer now, they earned the right to be this cynical, is that whatever is said during these kinds of negotiations, in the end everybody pays. megyn: we have seen so much jockeying in washington back and forth between the white house and house republicans. eve one offers a deal the other side says is totally unacceptable and a non-starter. president obama just sat down for an interview with bloomberg and says the tax rates -- the republicans say don't raise rates. but let's close out loopholes and get rid of deductions. all you should care about is how much revenue you are getting. why do you care fit' a rate or deduction. increase the revenue. president obama says no i need rates to go up on the rich. now he's saying rates have to go up. they have to go up on the rich. but then we can talk about lower them again next year. we'll chat. we'll have more time then we can discuss the loopholes abductional earn tough deductions to rates. >> we are 400 day
taxed. the basic understanding night can taxpayer now, they earned the right to be this cynical, is that whatever is said during these kinds of negotiations, in the end everybody pays. megyn: we have seen so much jockeying in washington back and forth between the white house and house republicans. eve one offers a deal the other side says is totally unacceptable and a non-starter. president obama just sat down for an interview with bloomberg and says the tax rates -- the republicans say don't...
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Nov 30, 2012
11/12
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FBC
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a higher tax next year, a higher tax on dividends is confidently expected. you avoid that if you get the dividend this year. 175 companies doing just that. all right, let's get at it, shall we. president obama's first offer fiscal cliff, higher taxes, new spending and power over the debt spending. and offered by tim geithner who had tax problems in the past and today president obama is it at a toy factory campaigning for new taxes on the rich. and joining us is julia. >> hi. stuart: how are you. >> i'm great. stuart: i can't believe that you, as a regular american, want to do this to america, do you? >> i think it's because-- i don't think that this is exactly what what's going to happen. stuart: you don't think that the president will actually do this. >> no, no, i think the president has learned to negotiate. what the president would do, he would start with sort of half a loaf and negotiate and give the republicans about 75% of what they wanted. i think he's finally understood if you want to actually get to at least halfway, you have to start at extremes a
a higher tax next year, a higher tax on dividends is confidently expected. you avoid that if you get the dividend this year. 175 companies doing just that. all right, let's get at it, shall we. president obama's first offer fiscal cliff, higher taxes, new spending and power over the debt spending. and offered by tim geithner who had tax problems in the past and today president obama is it at a toy factory campaigning for new taxes on the rich. and joining us is julia. >> hi. stuart: how...
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Dec 6, 2012
12/12
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CNBC
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so we now have one of the lowest corporation tax rates of any major economy in the world. we've just cut it so that it will be 21%, much lower than our competitors. and we've also greatly increased the allowances for small and medium sized firms so they can invest and expand. so where we've been able to help businesses, we've absolutely done that, and we've had very positive reaction from the business community. >> how concerned are you about the aaa rating and the risk that we continue to drift, still need to cut more and boost growth? >> well, we've got to go on commanding the confidence of the world that we can deal with our debts. that is reflected in the very, very low interest rates that we get at the moment for gilts. and of course that's the test, how much are investors will to go pay for our money f debt. and it scheme that failed to solve the problem and funding for lending hasn't delivered yet. we thought we would get more details about a small business bank to help address this market failure. we didn't see that yesterday. and if you look at the wider picture,
so we now have one of the lowest corporation tax rates of any major economy in the world. we've just cut it so that it will be 21%, much lower than our competitors. and we've also greatly increased the allowances for small and medium sized firms so they can invest and expand. so where we've been able to help businesses, we've absolutely done that, and we've had very positive reaction from the business community. >> how concerned are you about the aaa rating and the risk that we continue...
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Dec 4, 2012
12/12
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CSPAN2
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to provide tax cuts on those. when it comes to balance, the president believes it is the right thing and it's the only mathematically sound way to achieve balance in the deficit reduction package and the point i've been trying to make is that he was very clear about this. but it should not be a surprise to republican leaders. >> this officer that the president made to house republicans, he is questioning more than that. repeatedly during the year about his proposal, he has been trying in an odd page document -- 70 odd pages at the podium last week, he was presented with a super committee appropriation. the deficit reduction has long been his position and it has been explicitly his position. we talked about it in the aftermath of the election. he did not suggest that he somehow added to his proposal -- >> what i am saying is that we didn't campaign on limiting the deductions for wealthier americans or limiting charity deductions for wealthier americans. those are not items that we talked about on the campaign trail
to provide tax cuts on those. when it comes to balance, the president believes it is the right thing and it's the only mathematically sound way to achieve balance in the deficit reduction package and the point i've been trying to make is that he was very clear about this. but it should not be a surprise to republican leaders. >> this officer that the president made to house republicans, he is questioning more than that. repeatedly during the year about his proposal, he has been trying in...
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Nov 30, 2012
11/12
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CNBC
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a jump in tax rates means a huge chunk of change. agents and players definitely taking notice in this. a lot of people are telling me it is not priority one because it is not so easy to get up front money in baseball which only gives big bonuses to draft picks. >> there could be some agents that will try to get some of that money front loaded but remember teams are only able to do so much. they are not going to for instance the b.j. upton deal signed with atlanta it is not as though his agent will get $75 million upfront. >> let's talk about upton. he just signed a $75 million deal with atlanta. he got 3 million bucks in a bonus payable by december 1. it jumps right off the page. upton's former teammate signed an extension this week. part of the deal included a $1 million bonus. this is not the baseballb way. the sport is more known for deferring money so it is obvious that the fiscal cliff is a big factor. >> amazing. fiscal cliff is everywhere. thank you so much. brian shactman. >>> it is not a doung grade to a specific company but
a jump in tax rates means a huge chunk of change. agents and players definitely taking notice in this. a lot of people are telling me it is not priority one because it is not so easy to get up front money in baseball which only gives big bonuses to draft picks. >> there could be some agents that will try to get some of that money front loaded but remember teams are only able to do so much. they are not going to for instance the b.j. upton deal signed with atlanta it is not as though his...
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Dec 3, 2012
12/12
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KPIX
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the obama administration insists there's no deal without a tax increase. susan mcginnis is in washington with details this morning. susan, good morning to you. >> reporter: good morning, terrell. it may appear the two sides are nowhere but these talks are expected to pick up dramatically very soon. december is here and as they say here in washington the lawmakers can smell the jet fumes meaning the planes taking them home for their holiday recess. what we're hearing there should be a deal by christmas. the white house is already decorated for the holidays but the mood here in washington is anything but festive. >> i think we're going over the cliff. >> reporter: if congress doesn't act america will ring in the new year with $110 billion in spending cuts and a $500 billion tax increase leaving the average household with a nearly $3,500 hangover. timothy geithner was on the hill last week to present the president's plan to congress. >> i was flabbergasted. >> reporter: president obama wants $1.6 trillion in new taxes on the rich. $400 billion in cuts to enti
the obama administration insists there's no deal without a tax increase. susan mcginnis is in washington with details this morning. susan, good morning to you. >> reporter: good morning, terrell. it may appear the two sides are nowhere but these talks are expected to pick up dramatically very soon. december is here and as they say here in washington the lawmakers can smell the jet fumes meaning the planes taking them home for their holiday recess. what we're hearing there should be a deal...
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>> make any tax increase, rolling back bush tax cuts, for example, conditional upon reaching agreement that stop the debt growing as a percent of gdp. they can't reach the agreement by the end of the year so as a part of this, agree to retroactively roll back bush tax cuts if they reach agreements. >> the democrats thought they did enough deficit cutting. >> not even close. >> right. >> 0%, you need $900 billion of tax increases or spending cuts to stop debt growing as a percent of gdp. on the $900 billion you need, you need more than that. the president, who wants to support his spending, needs enormous tax increases, and public opinion says he can blame tax increases on republicans if he's over the cliff so his threat to go over the cliff, i think, is very credible, and i think the republicans are in a very procare yows negotiating position because if they are blamed for this, they'll loss the house, and if they lose the house, there's enormous damage done to the economy. >> that's all the control they have left. they don't want to lose that in two years. back to the math to dig into
>> make any tax increase, rolling back bush tax cuts, for example, conditional upon reaching agreement that stop the debt growing as a percent of gdp. they can't reach the agreement by the end of the year so as a part of this, agree to retroactively roll back bush tax cuts if they reach agreements. >> the democrats thought they did enough deficit cutting. >> not even close. >> right. >> 0%, you need $900 billion of tax increases or spending cuts to stop debt...
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cut the tax rate for the richest people and take money away. is not the way to grow the economy we are heading for an extended period of. the stagnation and. thank you very much for joining us but also save us a little because the concern has he said there on picking say the thing is that the one thing cutting through all the waste and says it's enough that the k. is going to be set to have to place itself but even tough because of the even whole austerity. sara thanks a lot sort of live from london and we have more from the u.k. head for you this hour with a look at how london has voiced what many brits have long been thinking and the news continues financial crisis the head of the british capital urged the u.k. to hold a referendum over the country's membership making an exit and likely prospect of more nuts and other stories after a short break. tucked in between the russian mainland japan and the sun coming island is the island of minute on named after french seafarer who discovered it it is described as the pride of the sakhalin region we'
cut the tax rate for the richest people and take money away. is not the way to grow the economy we are heading for an extended period of. the stagnation and. thank you very much for joining us but also save us a little because the concern has he said there on picking say the thing is that the one thing cutting through all the waste and says it's enough that the k. is going to be set to have to place itself but even tough because of the even whole austerity. sara thanks a lot sort of live from...
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Nov 29, 2012
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remember all those concerns about higher taxes on dividend? the dow utilities bottomed several weeks ago. okay, it is not a gigantic move but the slope has been upward. utilities are among market leaders today. all right, fractional but it is a fairly broad advance. what about those concerns about the mortgage interest desucduct? nice little advance in some of the home builders. pending home sales above expectations. the market believes some kind of deal is coming and that it is going to be substantive. if it doesn't happen, then we're all going to pay the price in the next month or so. >> a lot of prices to be paid. >>> as the market is clearly blowing in the breeze with every single comment from both sides of the political aisle, we wonder whether or not these comments are anything more than just hot air. eamon javers, what say you? >> well, there's a lot of hot air up here on capitol hill, mandy. i just had the chance -- not that he was talking about hot air, but i just spoke briefly with former republican vice presidential candidate paul r
remember all those concerns about higher taxes on dividend? the dow utilities bottomed several weeks ago. okay, it is not a gigantic move but the slope has been upward. utilities are among market leaders today. all right, fractional but it is a fairly broad advance. what about those concerns about the mortgage interest desucduct? nice little advance in some of the home builders. pending home sales above expectations. the market believes some kind of deal is coming and that it is going to be...
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Nov 29, 2012
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tax reform which we definitely need. there's no two ways about it. >> congressman pascrell, thank you again. >>> breaking news from the bond market. you saw the headlines cross moments ago. $30 billion in 7-year notes up for auction. rick santelli, we have a bid to cover ratio of 2.81%. >> that 2.81% is above the 10-auction average. this is around 2.74%. actually, close to the 40% 106-auction average. directs -- 19.7% that is a record high since they brought the 7-year back in february of '09. i can't find a higher direct bid. the yield -- 1.045%, right in the middle of the bid offer we give this auction a b-plus, solid auction. 99 billion is now behind us and considering the issues of fiscal cliff we're going to be looking to handicap a whole lot more auctions over the next several years. back to you. >> absolutely. >>> breaking news now. it concerns microsoft. let's go out to jon fortt. jon? >> hey, sue. microsoft has officially announced the pricing for surface pro. that's the version of microsoft's tablet that runs a
tax reform which we definitely need. there's no two ways about it. >> congressman pascrell, thank you again. >>> breaking news from the bond market. you saw the headlines cross moments ago. $30 billion in 7-year notes up for auction. rick santelli, we have a bid to cover ratio of 2.81%. >> that 2.81% is above the 10-auction average. this is around 2.74%. actually, close to the 40% 106-auction average. directs -- 19.7% that is a record high since they brought the 7-year back...
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Nov 30, 2012
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>> i think most people aren't focused on this, the payroll tax holiday will expire, so that's a 2% tax increase. but i don't think most people even realize they got the tax cut and it's one of the reasons why it will go away because policymakers aren't getting any credit for it. >> so if we they mathematically it will be a hit to gdp, is it going to be something that the economy gets knocked off course is this>> i think the final deal will have fiscal drag in it. the expiration of the payroll tax holiday will be part of that. emergency unemployment insurance program will expire. and of course that higher tax rate on upper income households. >> a lot of people will be without those job rest benefits. >> and if you look at all the stimulus that's been provided since the recession hit will, part of that is emergency unemployment insurance. yeah. so that's been a big part of it. it is winding down because unemployment in the united states is declining. and people have run out of time. >> how important was the ability to raise the debt limit without hitting the ceiling constantly? >> the de
>> i think most people aren't focused on this, the payroll tax holiday will expire, so that's a 2% tax increase. but i don't think most people even realize they got the tax cut and it's one of the reasons why it will go away because policymakers aren't getting any credit for it. >> so if we they mathematically it will be a hit to gdp, is it going to be something that the economy gets knocked off course is this>> i think the final deal will have fiscal drag in it. the...
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largest tax cut company in the world. australia had a really strong tax season. a loss of $0.39 a share. they do typically take a loss in this particular quarter because it is not the most busy time for doing taxes. they said they are very optimistic heading into the tax season. this stock looking pretty good. up 3.5%, up 10% for the year. connell: thank you very much. dagen: they were in love and then they weren't, with apple. they have gone gold, investors. for good. connell: cheryl and dennis are coming up to take over coverage with the latest on apple and whether investors have already seen their best days with the stock. i don't know. we will be right back. ♪ mac i am cheryl casone. dennis: i am dennis kneale. apple shares are higher after selling off for days. investors bailing out and taking a big capital gains before higher taxes. is there more at work here? have we fallen out of love with the beloved land? cheryl: plan layoffs increasing for the third straight month. tomorrow we need to look at the big number, the government number. coming up a unique
largest tax cut company in the world. australia had a really strong tax season. a loss of $0.39 a share. they do typically take a loss in this particular quarter because it is not the most busy time for doing taxes. they said they are very optimistic heading into the tax season. this stock looking pretty good. up 3.5%, up 10% for the year. connell: thank you very much. dagen: they were in love and then they weren't, with apple. they have gone gold, investors. for good. connell: cheryl and...
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Dec 7, 2012
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he voted for reduced rates on capital gains taxes. he voted to keep subsidies for oil and gas companies. that's a big one. but the best part of louie gohmert's crusade to protect the word "lunatic" is this -- >> this administration sent planes and bombs and support to oust gadhafi so that al qaeda and the muslim brotherhood could take over libya. i don't want to make you sick, but i brought an abortion to show you today. and i would just like to conclude with words of my friend, dick morris, who said, i know there's a disagreement on when life begins in america, but for heaven's sake, we ought to agree that life ends when you die. >> now we know why congressman louie gohmert of texas feels so passionately about protecting the word "lunatic." >>> coming up, one of the world's biggest companies is coming back to america. they're not worried about profits. they're worried about the american workforce. we'll explain why, next. [ male announcer ] if you're eligible for medicare, now is a good time to think about your options. are you looki
he voted for reduced rates on capital gains taxes. he voted to keep subsidies for oil and gas companies. that's a big one. but the best part of louie gohmert's crusade to protect the word "lunatic" is this -- >> this administration sent planes and bombs and support to oust gadhafi so that al qaeda and the muslim brotherhood could take over libya. i don't want to make you sick, but i brought an abortion to show you today. and i would just like to conclude with words of my friend,...
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with taxes going up, tax-free muni bonds are all the rage. we will have tips on how to find some good ones next. dennis: first, some of today's winners and losers. ♪ [ male announcer ] this is joe woods' rst day of work. and his new boss told him twongs -- cook what you love, and save your money. joe doesn't know it y, but he'll wk his way up from busser to wter to chef before opening a restaurant specializing in fish and me from the great northwest. hel start investing early, he'll find some good people to help guide him, nde'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. dennis: over 100 companies are paying special dividend. this is before the tax rate on dividends could more than double in january. liz macdonald is here. >> already munis has downgraded nearly a third. borrowed money to issue special dividend. in other words, do it before tte end of the year. in fact, half of the deals out there, in october, worked for special dividend. i will tell you so
with taxes going up, tax-free muni bonds are all the rage. we will have tips on how to find some good ones next. dennis: first, some of today's winners and losers. ♪ [ male announcer ] this is joe woods' rst day of work. and his new boss told him twongs -- cook what you love, and save your money. joe doesn't know it y, but he'll wk his way up from busser to wter to chef before opening a restaurant specializing in fish and me from the great northwest. hel start investing early, he'll find some...
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Dec 5, 2012
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host: the estate tax or the capital gains tax? guest: the estate tax. asset, you payn capital gains. guest: right. host: we have this comment on twitter from james. guest: corporations would say the businesses are already being taxed. folk should not be taxed for investing in their business. host: double taxation. guest: that is the argument. when people die, they are being taxed again. that is the essence of the argument against the estate tax. host: can you start over? caller: a quick question about the comments of the 401(k). i used to work for a cpa firm. i understand they are income tax deferred instruments. when you take it out, the tax you pay is income tax. the assumption is the rate would be lower. let's say the rate is 25% when you retire. that is higher than the current cap gains tax rate. ordoes not apply to 401(k)'s any other income tax deferred instrument. when you take them out, you pay taxes on them. guest: that is correct. you pay income tax and presumably when you retire, you are at a lower tax rate and that is the advantage. it is a s
host: the estate tax or the capital gains tax? guest: the estate tax. asset, you payn capital gains. guest: right. host: we have this comment on twitter from james. guest: corporations would say the businesses are already being taxed. folk should not be taxed for investing in their business. host: double taxation. guest: that is the argument. when people die, they are being taxed again. that is the essence of the argument against the estate tax. host: can you start over? caller: a quick...
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Dec 3, 2012
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. >> or taxed. >> or taxed. [stopwatch ticking] >> as we'll discover, those offshore gambling companies even advertise here in the u.s., and it's all perfectly legal, when 60 minutes on cnbc returns. [ male announcer ] this december, remember -- what starts with adding a friend... ♪ ...could end with adding a close friend. the lexus december to remember sales event is on. this is the pursuit of perfection. in that time there've been some good days. and some difficult ones. but, through it all, we've persevered, supporting some of the biggest ideas in modern history. so why should our anniversary matter to you? because for 200 years, we've been helping ideas move from ambition to achievement. and the next great idea could be yours. ♪ n you take a closer look... ...at the best schools in the world... ...you see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level. let's develop
. >> or taxed. >> or taxed. [stopwatch ticking] >> as we'll discover, those offshore gambling companies even advertise here in the u.s., and it's all perfectly legal, when 60 minutes on cnbc returns. [ male announcer ] this december, remember -- what starts with adding a friend... ♪ ...could end with adding a close friend. the lexus december to remember sales event is on. this is the pursuit of perfection. in that time there've been some good days. and some difficult ones....
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making tax fun. that's interesting. >> that's what "worldwide exchange" can do for you. >> thank you, steve. more to come. still to come, democrats and republicans continue their fight for the upper hand on the fiscal cliff. house speaker john boehner's facing something of a revolt within gop's ranks over his budget plan. we'll have the latest from washington when we come back. >>> talks between the white house and republicans over the fiscal cliff have ran to something of a holt. john boehner dealing with division in the gop's ranks to his bung budget plan. another shanghai surprise. china's mainland market surge nearly 3%. more austerity. plus, austerity measures are hitting european consumers. retail sales in october fall much more than expected. september also revised sharply to the downside. >>> it was a flat day really for european stocks, slightly negative for u.s. stocks yesterday. we are a little bit higher. the dow is currently some 43 points above fair value. the nasdaq is around four poin
making tax fun. that's interesting. >> that's what "worldwide exchange" can do for you. >> thank you, steve. more to come. still to come, democrats and republicans continue their fight for the upper hand on the fiscal cliff. house speaker john boehner's facing something of a revolt within gop's ranks over his budget plan. we'll have the latest from washington when we come back. >>> talks between the white house and republicans over the fiscal cliff have ran to...
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Nov 30, 2012
11/12
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raising the gas tax is the latest. tom kloza joined those on the phone now. >> i think it is probably something that is sensible to look at. melissa: what works? this is incredibly regressive. i cannot imagine democrats embracing this. this will hit lower income americans the hardest. >> in the rural south and the rural midwest. it has not been increased since 1993. it is a fraction of what you see. here is a thought. if you really believe and i do believe that we are probably going to be much more dependent on foreign oral and have two purdue as oil going forward, there may be a way to index it towards those u.s. numbers. melissa: is the economy growing at 8% and no one told me look back why would you raise taxes on something like this works? home values are terrible. unemployment is high. that just takes money directly away from things that people would spend money on to fuel the economy and put that in the pocket of the government. >> i would disagree with you. years ago if we would spend as much as we well this yea
raising the gas tax is the latest. tom kloza joined those on the phone now. >> i think it is probably something that is sensible to look at. melissa: what works? this is incredibly regressive. i cannot imagine democrats embracing this. this will hit lower income americans the hardest. >> in the rural south and the rural midwest. it has not been increased since 1993. it is a fraction of what you see. here is a thought. if you really believe and i do believe that we are probably going...
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Nov 29, 2012
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we can raise tax revenue by simplifying the tax code, not increasing tax rates. we can address wasteful government spending that jeopardize an hour commitments in the national defense and protecting our most honorable. we can jump-start our economy by assuring americans that congress and the president can work together to get the job done and deal courageously with the pressing problems of today. when it comes to the fiscal cliff, the president and congress will either fail together or we will succeed together. there is nothing in between. i am confident that we can pass the test and do what is good and right for the american people. >> the president has been talking a lot about taxes lately, and as acpa who practiced for years and a member of ways and means committee, there is no one who likes to talk about tax more than i do. but let's be honest -- talking about taxes is not going to solve the problem that america faces. we have to turn to the spending side of the ledger. furthermore, his tax proposal will kill about 700,000 jobs and do harm to the economy, aga
we can raise tax revenue by simplifying the tax code, not increasing tax rates. we can address wasteful government spending that jeopardize an hour commitments in the national defense and protecting our most honorable. we can jump-start our economy by assuring americans that congress and the president can work together to get the job done and deal courageously with the pressing problems of today. when it comes to the fiscal cliff, the president and congress will either fail together or we will...
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Dec 4, 2012
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the plan would generate $800 billion in into tnew tax revenu leaves the bush era tax cuts in place for everyone. it would cut $1.2 billion in discretionary planning. it raises the eligibility anyone for medicare and changes how cost of living increases can calculated. house officials suggest the two side where is continue to negotiate ways to avoid the year end fiscal cliff. and on that team, the president will meet with a group of u.s. governors. they'll discuss possible solutions to the fiscal cliff and how it will impact their states. the group is also expected to meet with house republicans later in the week. in corporate new, sprint nextel is reportedly out of the market for metro pcs. the company won't make a counteroffer. sprint announced japan and he softbank will buy up to a 70% stake in the company. reports suggest sprint believes going after metro pcs would complicate the regulatory review of the softbank deal. sprint stock in frankfurt up just a third of 1%. and service capital reportedly in talks to join the bid for night capital. it would include silver lake partners and
the plan would generate $800 billion in into tnew tax revenu leaves the bush era tax cuts in place for everyone. it would cut $1.2 billion in discretionary planning. it raises the eligibility anyone for medicare and changes how cost of living increases can calculated. house officials suggest the two side where is continue to negotiate ways to avoid the year end fiscal cliff. and on that team, the president will meet with a group of u.s. governors. they'll discuss possible solutions to the...
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tax rates. it may be just tax rates higher for those making half a million a year, i think they'll retreat a little bit. >> i think, too, what i'd like to see the republicans do, i'd like to see them pass a bill extending tax cuts below $250,000 and everyone agrees those should be put through and then put through another bill that extends the tax cuts on those $250,000 and above and let the democrats take ownership because you know, they're going to be held responsible for the economic performance of 2013 and come 2014, you can actually get a political change that might make a difference. stuart: we'll wait and see on that one. art laffer, always a pleasure. >> bye now. stuart: the republicans submit their fiscal cliff solution. now, that plan put out by speaker boehner, includes 800 billion dollars in extra tax revenues and that would come from limiting deductions and not from higher tax rates. and there would also be 1.2 trillion dollars worth of spending cuts and the white house immediately d
tax rates. it may be just tax rates higher for those making half a million a year, i think they'll retreat a little bit. >> i think, too, what i'd like to see the republicans do, i'd like to see them pass a bill extending tax cuts below $250,000 and everyone agrees those should be put through and then put through another bill that extends the tax cuts on those $250,000 and above and let the democrats take ownership because you know, they're going to be held responsible for the economic...
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a prominent republican senator is backing away from a no tax hike pledge. georgia senator told a group of republicans this weekend that he does not want washington to dictate how he votes and that his commitment is to his constituents. he's one of 39 senators who signed conservative activist norquist pledge but the looming fiscal cliff has caused several lawmakers to walk back from that promise. reliable sources is at the top of the hour. >>> the democratic republic of the congo is a nation the size of all of western europe. it may be in for a violent regime change as rebels have gained ground in recent weeks. congo was the setting for the heart of darkness and that hasn't lifted in 110 years since the story was public . 5.4 million people have died. jeff, why is it that the crisis seems to be heating up? you point out that the congo that the government's army is losing battle after battle. >> i think this is really an issue of state failure. i've been covering congo for six years and i've seen the country get weaker and weaker since i began. there was a bi
a prominent republican senator is backing away from a no tax hike pledge. georgia senator told a group of republicans this weekend that he does not want washington to dictate how he votes and that his commitment is to his constituents. he's one of 39 senators who signed conservative activist norquist pledge but the looming fiscal cliff has caused several lawmakers to walk back from that promise. reliable sources is at the top of the hour. >>> the democratic republic of the congo is a...
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Dec 1, 2012
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there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that is one of the goals here. host: jim from twitter says -- guest: absolutely. a lot of these credits and deductions, the standard deduction exceeds what you would get, that you just take that. host: the specific credits we have been talking about prompt a question from cindy. guest: yes. you generally have to be working are working outside the home. host: is there an hour requirements? guest: there are a lot of specific requirements. host: kay from richmond, virginia. caller: if somebody is working as hard as they can and making less than $50,000 a year, they count on this refund every y
there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that is one of the goals here. host: jim...
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instead of reforming the tax code, the president wants to raise tax rates. even if the president that the tax rate hike that he wanted, understand that we will continue to see trillion dollar deficits for as far as the eye can see. washington has a spending3 problem, not a revenue problem. if the president does not agree with our proposal, i believe he has an obligation to families and small businesses to offer a plan of his own. we are ready and eager to talk to the president about such plan. >> you did speak with the president earlier this week, can you characterize that call. also, it has to be increases in rates for the wealthy or no deal. >> the phone call was pleasant, but more of the same. it is time for the president to be serious and come back with a counter offer. [inaudible question] >> the risk the president wants us to take, increasing tax rates will hit many small businesses that produce 60-70% of the new jobs in our country. that is the whole issue. [inaudible question] >> i think that is reckless talk. [inaudible question] >> listen, raising
instead of reforming the tax code, the president wants to raise tax rates. even if the president that the tax rate hike that he wanted, understand that we will continue to see trillion dollar deficits for as far as the eye can see. washington has a spending3 problem, not a revenue problem. if the president does not agree with our proposal, i believe he has an obligation to families and small businesses to offer a plan of his own. we are ready and eager to talk to the president about such plan....
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tax. today this tax -- also known as the estate tax -- is set up at a top rate of 35%, with an exception for the first $5.1 million of the estate's value. well, those are the levels that congress set and the president agreed to in 2010. a republican house of representatives, democrat senate, as well as the president -- democrat in the white house. 2010. those are th levels are now setp dramatically to a top rate of 55% with an compe exemption fort the first $1 million. $1 million as you understands like a lot of money -- $1 million sounds like a lot of money until you start looking at family farms. farmers have a lot of assets such as land, buildings and livestock. those things are worth a lot of money for purposes of calculating the value of someone's estate. but they aren't liquid assets. you can't just spend a tractor. once a mom or dad dies in the farm family, the i.r.s. wants the death tax paid within nine months. the taxes collected -- though it is calculated on the big valuations fo
tax. today this tax -- also known as the estate tax -- is set up at a top rate of 35%, with an exception for the first $5.1 million of the estate's value. well, those are the levels that congress set and the president agreed to in 2010. a republican house of representatives, democrat senate, as well as the president -- democrat in the white house. 2010. those are th levels are now setp dramatically to a top rate of 55% with an compe exemption fort the first $1 million. $1 million as you...
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Dec 6, 2012
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summit tickets, $1,000 a pop, paid for with your tax dollars. the zombies look scary, but organizers say the skit was solely to add levity to an otherwise serious meeting on protecting the homeland. senator tom coburn says it's an exhibit in $7 billion in questionable homeland security spending every year. >> wasteful. >> reporter: in a new report, coburn sites example after example, including nearly $0,000 for an underwater robot in columbus, ohio. $69,000 hovercraft for indianapolis. and this. a sleepy town of keene, new hampshire, siting the need to secure its annual pumpkin festival, was awarded a grant to buy a bearcat armored vehicle. price tag? nearly a quarter of a million dollars. department of homeland security told us its grants, quote, make our communities safer places to live. coburn says there's just too much waste. the examples you site here are the tip of the iceberg? >> sure. all over the government. everywhere you look. >> reporter: is what? >> is waste. incompetence and stupidity. >> reporter: but again, could you ever be too
summit tickets, $1,000 a pop, paid for with your tax dollars. the zombies look scary, but organizers say the skit was solely to add levity to an otherwise serious meeting on protecting the homeland. senator tom coburn says it's an exhibit in $7 billion in questionable homeland security spending every year. >> wasteful. >> reporter: in a new report, coburn sites example after example, including nearly $0,000 for an underwater robot in columbus, ohio. $69,000 hovercraft for...
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back to bush years tax cuts. you can get another piece out of that capping deductions, somebody has to come forward and say we have to reduce medicare spending all thee parties are net negative on raising income taxes for everybody. all thee parties net negative on raising the requirement atireme. rediscussi reducing net spending, the democrats are a little better on that. >> you thought it was amazing that 30% of the public have not heard about the fiscal cliff. that didn't raise very high on major issues that are out there. >> the other thing i wanted to ask you about is the apple situation, after that performance yesterday, you talked last week about how you talked about the people that were selling this week. do you think that's really what's happening in this situation? >> i do. whether it's that side which is kind of the negative side, you break the piggy bank, you want to beat capital gameins, you wa to beat the tax man. i think both those sides of the equation may have a lot more horsepower than people th
back to bush years tax cuts. you can get another piece out of that capping deductions, somebody has to come forward and say we have to reduce medicare spending all thee parties are net negative on raising income taxes for everybody. all thee parties net negative on raising the requirement atireme. rediscussi reducing net spending, the democrats are a little better on that. >> you thought it was amazing that 30% of the public have not heard about the fiscal cliff. that didn't raise very...
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tax. >> anyone want to weigh in on these? david, i see you smiling down there. >> i was waiting for judd to jump in. he is the one that convinced me. >> ultimately, i think have gotten more than they can handle. the revenue targets the needs to reach, the spending targets they need to reach now knocked enormous, but if you look down the road, in particular at health care spending, given the discussion we had before, we can do everything we want to try to control health-care spending, but another way to help control health care spending is earmarked a value-added tax toward revenue which would have an immediate link between how much was spent, how much people have to pay in taxes, it would eliminate their repressivity of that, and it would inoculate the deficit from uncertainty about health-care reform. health care reform will take a long time. it is more complicated than tax reform. we have had one major tax reform in the last 50 years, thanks to senator packwood and others. we cannot wait
tax. >> anyone want to weigh in on these? david, i see you smiling down there. >> i was waiting for judd to jump in. he is the one that convinced me. >> ultimately, i think have gotten more than they can handle. the revenue targets the needs to reach, the spending targets they need to reach now knocked enormous, but if you look down the road, in particular at health care spending, given the discussion we had before, we can do everything we want to try to control health-care...
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taxes. is anybody listening to this? >> we just put this out. we like to get congress focus on doing the least amount of harm while they raise revenues of some sort. you can do through asset sales, develop kind of things thee3 government owns and does not own. a lot of things in terms of oil leases and about a trillion dollars worth of mineral rights the government can sell off rather than raising taxes. they can equate government workers to pay more towards the health insurance and pensions, that would be a good thing and raise revenues. there are lots of ways to raise revenues without doing harm to the economy. lori: i have got to interrupt you here, why is the president so insistent upon raising tax rates for the wealthy? if you are point we don't necessarily have to do that to get meaningful revenues. melissa: it seems like religious or political on is part. this is a matter of an article of faith on the part of democrats and liberals to get rid of the bush tax cuts for the wealthy. they
taxes. is anybody listening to this? >> we just put this out. we like to get congress focus on doing the least amount of harm while they raise revenues of some sort. you can do through asset sales, develop kind of things thee3 government owns and does not own. a lot of things in terms of oil leases and about a trillion dollars worth of mineral rights the government can sell off rather than raising taxes. they can equate government workers to pay more towards the health insurance and...
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individual taxes. a lot of ways to skin the cat here. but the president seem determined to raise the rates. that is not going to help the economy. of it seems vindictive to me. what we ought to do is try to reform our tax code and lower rates. maybe we'd have revenue. but revenue by itself will never keep up with the spen spending. >> shannon: what about the mortgage deduction or charitable duction? there are things that come up with discussion. are they on the table? >> i think mortgage deduction is very important to the housing industry. first term home buyers and so forth. we ought to look at everything. charitable deductions fuels a lot of university and the charities. but all the things are substantive. it's a question of what does america really want. they want good economy and jobs. >> shannon: i want to ask about the other issues going on. u.n. ambassador susan rice, a feeling she is on the short list of the president potentially to nominate here for secretary of state. if it happens she has to come before you in senate. she will
individual taxes. a lot of ways to skin the cat here. but the president seem determined to raise the rates. that is not going to help the economy. of it seems vindictive to me. what we ought to do is try to reform our tax code and lower rates. maybe we'd have revenue. but revenue by itself will never keep up with the spen spending. >> shannon: what about the mortgage deduction or charitable duction? there are things that come up with discussion. are they on the table? >> i think...
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Nov 30, 2012
11/12
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were people with untrained would be paying income taxes. liz: the question becomes, what else have you done right to get it at that level which is second only to north dakota? >> >> untrimmed i was just in china two weeks ago. we are prepared to do that. you have to create a tax competitive, job competitive, business friendly environment. the opportunities are with the private sector and we understand that here in nebraska. liz: have you prepared, not one, but two budgets. one taking into account we go over the cliff and the other if we do not go over the cliff. >> i really have not looked at it that way. i am preparing a budget for the next two-year cycle. we are prepared to adjust depending on what happens at the federal level. i do want to remain cautiously optimistic that they will find a deal. put america first. liz: i am glad that you do remain cautiously optimistic. nebraska is a very important state. you yourself have held it up at certain points worried about that. there is apparently, as i understand it, we are hearing from some p
were people with untrained would be paying income taxes. liz: the question becomes, what else have you done right to get it at that level which is second only to north dakota? >> >> untrimmed i was just in china two weeks ago. we are prepared to do that. you have to create a tax competitive, job competitive, business friendly environment. the opportunities are with the private sector and we understand that here in nebraska. liz: have you prepared, not one, but two budgets. one...
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paying more taxes. that will go up in january. cheryl: it will be interesting. protesters in each of force the u.s. embassy in cairo to shut down. up-to-the-minute coverage ahead. dennis: it is illegal to smoke pot in two western states, but we will tell you why employers can still fire you for doing it. cheryl: that makes sense, right? would you pay more for vitamin c in showers or aromatherapy? we will talk to the man behind the stay well hotel concept. dennis: as we do every day this time, here is looking at her, why that the cme with that. [ male announcer ] where do you turn for legal matters? at legalzoom, we've created a better place to handle your legal needs. maybe you have questions about incorporating a business you'd like to start. or questions about protecting your family with a will or living trust. and you'd like to find e right attorney to help guide you along, answer any questions and offer advice. with an "a" rating from the better business bureau legalzoom hel you get personalized and
paying more taxes. that will go up in january. cheryl: it will be interesting. protesters in each of force the u.s. embassy in cairo to shut down. up-to-the-minute coverage ahead. dennis: it is illegal to smoke pot in two western states, but we will tell you why employers can still fire you for doing it. cheryl: that makes sense, right? would you pay more for vitamin c in showers or aromatherapy? we will talk to the man behind the stay well hotel concept. dennis: as we do every day this time,...
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that the israeli government has taken is that they have frozen some one hundred million dollars in tax money that is welcome it's on behalf of the palestinian authority has built a painful blow to the p.a. because essentially can only cover around seventeen percent of its needs the rest of the money comes from this tax money comes from the united states from the european union if you look at the sick the population in this country they too are also unhappy they do not believe that the israeli prime minister netanyahu will go ahead with building these units they believe that it's almost a cheap route by the time you know who to try and gain support ahead of jet. newbie's elections and that this is an internal matter to try and really build votes b. and that's when you know who government is same sees this but and perhaps i should say not just in the time yahoo government but many israelis feel that it was a one sided resolution that was put forward at the united nations and the point being made by the government is that they cannot be any kind of human left to reach on the palestinian s
that the israeli government has taken is that they have frozen some one hundred million dollars in tax money that is welcome it's on behalf of the palestinian authority has built a painful blow to the p.a. because essentially can only cover around seventeen percent of its needs the rest of the money comes from this tax money comes from the united states from the european union if you look at the sick the population in this country they too are also unhappy they do not believe that the israeli...
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there were buying in on the dips because they are trading around he headlines. >> there's a lot of tax related strategy happening right now, many of which make a lot of sense, but i have asked the question of loss, what would you put money on a particular outcome? i wouldn't. that is a dangerous strategy. >> one scenario could be as damaging as another. we can gain that at this point, what should people do with their money? >> there are certain things individual investors might do if they sit down with their advisor and there might be specifics tax strategies but that is very individual in nature. broadly we are not seeing trade, but fairly cautious on the relatively neutral so basically does make any big bets and keep things close to the best. woodinville the dust settles and there's probably more opportunity in 2013. liz: you do that in technology. why is that? >> we have seen a hit to the economy on the business side, and it is being felt this year. it is pent up demand in 2013 that i think would probably find a lot of dollars going to technology. there continues to be the need to i
there were buying in on the dips because they are trading around he headlines. >> there's a lot of tax related strategy happening right now, many of which make a lot of sense, but i have asked the question of loss, what would you put money on a particular outcome? i wouldn't. that is a dangerous strategy. >> one scenario could be as damaging as another. we can gain that at this point, what should people do with their money? >> there are certain things individual investors...
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from this complicated tax or these high taxes. it works. >> becky, if it was your commission, simpson/bowles -- >> 11 of the 18 members. >> and we got to handle the fiscal cliff but knowing it goes to 28%, wouldn't you be using this opportunity right now to try and bridge a way to get eventually to simpson/bowles? >> the president was behind simpson/bowles from the beginning. >> because of the 28% and the entitlement cuts. if you were on this commission, you would say the fiscal cliff is much more important, let's figure out a way to handle it but with the end in sight of simpson/bowles. we all know we need to get there. instead of this obsession with the top 2% and 39.6, wouldn't you be spending is your leadership capital trying to get to a simpson/bowles. >> that's the most loaded question you could have possibly asked. >> am i wrong? >> no, i agree with that, i agree with simpson/bowles. >> no one's listening at the white house so i can say whatever i want. >> when we've asked republican leaders they've not embraced simpson/bow
from this complicated tax or these high taxes. it works. >> becky, if it was your commission, simpson/bowles -- >> 11 of the 18 members. >> and we got to handle the fiscal cliff but knowing it goes to 28%, wouldn't you be using this opportunity right now to try and bridge a way to get eventually to simpson/bowles? >> the president was behind simpson/bowles from the beginning. >> because of the 28% and the entitlement cuts. if you were on this commission, you would...
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the nonpartisan tax policy center called it mat mathematicy impossible to give tax breaks to the rich without harming the middle class. this is something that former president clinton said during the campaign. it's arithmetic. given the choice between the millionaires and billionaires and the middle class, the republicans again sided with the wealthy of this country. their plan doesn't just keep rates low for the richest 2%, it actually lowers them further. the democrats' plan would protect 98% of families and 97% of small businesses from painful tax increases by asking the top 2% to pay a little bit more. the republicans' plan, on the other hand, is more of the same. not only does 2 balance the budget on the backs of the middle class, it voids our promise to seniors with steep cuts to social security and medicare, all to pay for even more handouts to the rich. at least we now know where they stand. republicans have sought to cover by invok invoking erskine bowle' name. he has disavowed their plan. we're glad to see the republicans join in the negotiating process. while their proposal
the nonpartisan tax policy center called it mat mathematicy impossible to give tax breaks to the rich without harming the middle class. this is something that former president clinton said during the campaign. it's arithmetic. given the choice between the millionaires and billionaires and the middle class, the republicans again sided with the wealthy of this country. their plan doesn't just keep rates low for the richest 2%, it actually lowers them further. the democrats' plan would protect 98%...
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host: the estate tax or the capital gains tax? guest: the estate tax. host: if it's an asset, you pay capital gains. guest: right. host: we have this comment on twitter from james. guest: corporations would say the businesses are already being taxed. folk should not be taxed for investing in their business. host: double taxation. guest: that is the argument. when people die, they are being taxed again. that is the essence of the argument against the estate tax. host: can you start over? caller: a quick question about the comments of the 401(k). i used to work for a cpa firm. i understand they are income tax deferred instruments. when you take it out, the tax you pay is income tax. the assumption is the rate would be lower. let's say the rate is 25% when you retire. that is higher than the current cap gains tax rate. it does not apply to 401(k)'s or any other income tax deferred instrument. when you take them out, you pay taxes on them. guest: that is correct. you pay income tax and presumably when you retire, you are at a lower tax rate and that is the
host: the estate tax or the capital gains tax? guest: the estate tax. host: if it's an asset, you pay capital gains. guest: right. host: we have this comment on twitter from james. guest: corporations would say the businesses are already being taxed. folk should not be taxed for investing in their business. host: double taxation. guest: that is the argument. when people die, they are being taxed again. that is the essence of the argument against the estate tax. host: can you start over? caller:...
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when it comes to raising taxes on the wealthy those making more than two to fifty thousand dollars if republicans do not agree to that is the administration prepared to go over the fiscal cliff oh absolutely. absolutely but when it comes to the u.s. is economic problems does this tax debate or even as fiscal cliff debate begin to scratch the surface of the crisis. former republican strategist author and historian kevin phillips is here with lessons we can learn from seventeen seventy five the subject of his latest book that many a politician may benefit from actually reading. from a long time and bald churchy i don't do it anymore of those boys much they do not read his words will. they go and the as these the is reportedly investigating going to be providing twelve billion dollars in derivatives trading losses in two thousand and eight yeah yeah there's a list of alleged bad bank behavior how is good capitalism though being driven out by bad capitalism all will break it down and word of the day plus alan greenspan says a painless solution to the u.s. debt is a fantasy finally somethi
when it comes to raising taxes on the wealthy those making more than two to fifty thousand dollars if republicans do not agree to that is the administration prepared to go over the fiscal cliff oh absolutely. absolutely but when it comes to the u.s. is economic problems does this tax debate or even as fiscal cliff debate begin to scratch the surface of the crisis. former republican strategist author and historian kevin phillips is here with lessons we can learn from seventeen seventy five the...
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Dec 7, 2012
12/12
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hard to make the case for raising taxes when you see some of the crap our taxes go for. you know what i mean? those stories do not help the cause for capitol hill. >> waste management. >> the government. coming up next, who was planning to make money now off the david petraeus sex scandal? >> we have breaking celebrity news involving a quarterback and a supermodel next in the skinny. >> announcer: "world news now" ♪ skinny so skinny >> skinny in the house! >> skinny's in the house! >> oh, willis. >> you know who is in the house? another baby for gisele bundchen and her quarterback of a husband tom brady. >> pushed it out. >> that is horrible. let's hope you are not in the delivery room someday. i'm not. i'm in the lobby. >> boston.com, she gave birth to a bouncing baby girl, vivian. the third child for tom. he has a son with his ex, bridgette moynihan. the second child for this couple now -- they have a 2-year-old son benjamin and a girl, vivian. not sure it is a water birth. remember, she famously said little pain. she had the baby at home. all was well. she was a siz
hard to make the case for raising taxes when you see some of the crap our taxes go for. you know what i mean? those stories do not help the cause for capitol hill. >> waste management. >> the government. coming up next, who was planning to make money now off the david petraeus sex scandal? >> we have breaking celebrity news involving a quarterback and a supermodel next in the skinny. >> announcer: "world news now" ♪ skinny so skinny >> skinny in the...
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Nov 30, 2012
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on real after-tax tax basis, it is a much different story. >> yeah. you get a cap tamm gains and -- should you sell the share? capital gains taxes going up? dividend stocks aren't going to be worth as much. how do you -- is it already reflected? >> well, from a capital gains standpoint yes, you should take your gains. from a dividend perspective -- the fed is already screwing savers by having rates at zero. the government will screw savers more by taking more out of your dividends. unfortunately savers are going to have no choice but to own dividend paying stocks. >> joe is not paying attention. buy lottery tickets and open a moe's franchise. that's what we should do. >> someone tweeted i have moe's tortilla chips. >> up next, up next -- thanks, peter. gop criticizing the president's proposals for taxes and spending increases. dems telling the republicans to bring their ideas to the table. can the two sides get together and get a deal done? we ask ed rendell and judd gregg about that and much more "squawk box" is coming right back after a break. for m
on real after-tax tax basis, it is a much different story. >> yeah. you get a cap tamm gains and -- should you sell the share? capital gains taxes going up? dividend stocks aren't going to be worth as much. how do you -- is it already reflected? >> well, from a capital gains standpoint yes, you should take your gains. from a dividend perspective -- the fed is already screwing savers by having rates at zero. the government will screw savers more by taking more out of your dividends....
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tax rate increase. democrats have said no to that proposal.% in response to that a spokesman for house speaker john boehner saying despite republicans offer to put real revenue on the table the president has offered no concessions whatsoever. when will this willingness to compromise materialize??3 now republicans and democrats say there are no major meetings planned, no summit for democrats and republicans yet to get together and talk on this. the white house says they imagine that there is some e-mail traffic going back and forth but they refuse to tell us when and where they plan on negotiating this. back to you. ashley: i bet the language in the e-mail is pretty interesting too. >> right. ashley: rich edson, thanks so much. tracy: well more companies are accelerating their dividend payments. so we heard from campbell's soup and coach. some of the latest getting cash to shareholders ahead of fiscal cliff. oracle taking it a step further. moving up three dividend payments before the end of the year. fo
tax rate increase. democrats have said no to that proposal.% in response to that a spokesman for house speaker john boehner saying despite republicans offer to put real revenue on the table the president has offered no concessions whatsoever. when will this willingness to compromise materialize??3 now republicans and democrats say there are no major meetings planned, no summit for democrats and republicans yet to get together and talk on this. the white house says they imagine that there is...
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cramer loves higher taxes. i'm not into higher taxes. it's obvious that the president is going to stick by this position because he thpgs inks was elected for it and moynihan, i found his comments chilling. pnc thinks that they are saying they don't think we'll go over the cliff. as between pnc and bank of america, i think bank of america has a better handle on things. >> the cliff continuing to affect companies dividend strategies. we have coach, dsw this morning, and now american eagle moving dividend payable dates to this year after oracle announced it will accelerate its fiscal '13 dividend payments into this month. the payout for larry ellison will exceed 1$198 million. when you consider potential tax rates difference, that's serious money. >> real money there where you go up as high as 41%, yeah. from where we are right now, absolutely. the most tax efficient way to deal with dividends is not to have them at all. and actually run real growth companies that don't return anything to shareholders and power everything back into your bu
cramer loves higher taxes. i'm not into higher taxes. it's obvious that the president is going to stick by this position because he thpgs inks was elected for it and moynihan, i found his comments chilling. pnc thinks that they are saying they don't think we'll go over the cliff. as between pnc and bank of america, i think bank of america has a better handle on things. >> the cliff continuing to affect companies dividend strategies. we have coach, dsw this morning, and now american eagle...
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$2,000 more in taxes. we will give a tax increase. we will raise taxes on 98% of americans unless you give us another tax break for our buddies and millionaires and billionaires, the top 2% in the country. you can't blame even mitch mcconnell any more. it's john boehner who is standing in the way. he did so again the republicans give this babble. the president says what's your plan? what do you want to cut? close loopholes. what loopholes? they won't say. to them, nothing. a detailed plan versus nothing. you've got a existed in in president obama versus a lose her in john boehner. and here is boehner again yesterday, on fox news sunday saying, when he looked at the president's proposal, oh my god. >> i was flabbergasted. >> flabbergasted. >> he can't be serious. i just have never seen anything like it. we've got seven weeks between election day and the end of the year three weeks have been wasted with the nonsense. who is flabbergasted anymore? have you ever heard that word? >> peter: an old word. >> 1920s
$2,000 more in taxes. we will give a tax increase. we will raise taxes on 98% of americans unless you give us another tax break for our buddies and millionaires and billionaires, the top 2% in the country. you can't blame even mitch mcconnell any more. it's john boehner who is standing in the way. he did so again the republicans give this babble. the president says what's your plan? what do you want to cut? close loopholes. what loopholes? they won't say. to them, nothing. a detailed plan...